Dubai real estate trade value tops $55bn

DUBAI, October 23, 2017

Dubai Land Department (DLD) has announced that the total value of real estate transactions for the first nine months surged to hit Dh204 billion ($55.5 billion). It was achieved through 52,170 transactions.

According to a DLD report, there were a total of 37,633 transactions for land, residential units and buildings, generating a value of over Dh88 billion, reported the Emirati news agency Wam.

There were also 11,699 mortgage transactions worth Dh102 billion and 2,838 other transactions worth Dh14 billion, stated the report, citing a top official.

"The data clearly shows an increasing demand across all property categories, including land plots for various forms of real estate development, as well as buildings and residential units, which means that we are attracting a wide variety of investors," remarked Sultan Butti bin Mejren, the director-general of DLD.

"We expect the market to remain on this upward trajectory of sustained growth, and to see demand continuing to diversify across various real estate categories," he noted.

"The momentum of the market is being driven and sustained by several factors but particularly the upcoming launch of Expo 2020 Dubai," he added.